China has signed contracts for at least 10 cargoes of U.S. soybeans, valued at roughly $300 million, in the wake of a phone call between Presidents Donald Trump and Xi Jinping, sources familiar with the deals confirmed. Each cargo represents approximately 60,000 to 65,000 metric tons, with shipments scheduled for January from Gulf Coast terminals and Pacific Northwest ports.
The surge in purchases marks a notable shift after months of minimal U.S. soybean imports, reflecting the recent thaw in U.S.–China trade relations. President Trump described his call with Xi as productive, stating that he pressed the Chinese leader to accelerate and expand purchases of American goods, to which Xi “more or less agreed.”
Despite the purchases, U.S. soybeans remain priced higher than Brazilian supplies. Traders reported China paid around $2.3 per bushel above the January Chicago futures contract for Gulf shipments, and $2.2 per bushel above futures from Pacific Northwest ports. In contrast, Brazilian soybeans are priced near $1.8 per bushel over January CBOT futures. Analysts caution that commercial buyers may still prefer cheaper Brazilian soybeans, as high U.S. prices can compress crush margins.
State-owned Chinese buyer COFCO has been the primary driver of the recent U.S. purchases, having booked nearly 2 million tons since late October. While the new deals demonstrate renewed demand, they remain below the 12 million tons of purchases announced by the White House in October.
U.S. Treasury Secretary Scott Bessent reaffirmed that Chinese soybean purchases are proceeding “right on schedule,” referring to an agreement for China to acquire 87.5 million tons of U.S. soy over the next three-and-a-half years. The developments signal cautious optimism for American soybean exporters, offering relief after a prolonged period of trade uncertainty and lost market access.
